Is the SPY Getting Into Blow-Out Territory?

The chart below shows the Weekly SPY going back to 2008.

Alan Greenspan expressed it well when he said the "best bang for the buck is a rising stock market" ... and so it has been. What about the natural ebb and flow economic cycles that we have seen in the past?

Note the pattern that the Weekly SPY chart is showing below. The pattern is called a rising wedge because it becomes narrower as the market moves higher. This pattern keeps moving up ... until it fatigues and breaks to the downside. This particular pattern historically has had sharp down moves when the pattern finally ends.